Jonathan Rose Companies announced the acquisition of Englewood Gardens, the 11th deal to close into the Rose Affordable Housing Preservation Fund V. Englewood Gardens is a 13-building, 167-unit, family-designated scattered-site Section 8 property located in Chicago’s Englewood neighborhood. In this latest Chicago acquisition of buildings in a portfolio formerly owned by Chicago Community Development Corporation, The Fund partnered with local developers 5T Management to acquire the property for $10.7 million with 5T assuming management of the properties going forward. The acquisition was financed by assumed loans from Freddie Mac and the City of Chicago’s Department of Housing. 5T Management took over management of Englewood Gardens at the time of closing.
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